, Columnist
Wall Street Drags Main Street Into a Fee Dispute
Its concern for retail investors is touching, but the quarrel about the cost of market data is about profit.
Main Street’s just a bystander.
Photographer: Michael Nagle/Bloomberg
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A battle is brewing between Wall Street and stock exchanges. Wall Street says it’s fighting for ordinary investors, but don’t be fooled. Like everything else on Wall Street, this dispute is about the bottom line.
At issue is the cost of market data. Financial firms need price data to trade. They say the exchanges charge too much for that data and that ordinary investors get stuck with the bill. Consequently, they argue, exchanges should give investors a break by lowering fees.